We are pleased to present a fully cash flowing 4 unit building in Palmdale with a current cap rate of 7.4% in an opportunity zone! Located in Los Angeles County and built in 1988, the property is not subject to City of LA rent control and only subject to CA AB 1482, which allows for 8.9% annual rent increases starting in August 2024. Amazing unit mix of three 4 bedroom / 2 bath units and one 3 bedroom / 2 bath unit with total current income of $164,868. Each unit is spacious, with its own yard, garage, and privacy similar to a single family home. The units are completely remodeled and feature new kitchens, bathrooms, new flooring, in-unit washer/dryers, newer appliances, tiled fireplaces, and garage cabinetry. All units are currently rented to Section 8 tenants, thereby generating consistent cash flow. Each unit also has an attached garage with space for 2 cars and additional parking spaces on the driveway. Possibility for one unit to be delivered vacant! Set on a large lot of appx. ± 31,131 sq. ft. and in a quiet cul-de-sac, the building presents itself as a tranquil apartment community for renters. Minutes from Palmdale Shopping Mall, Blackbird Airpark, Palmdale Regional Airport, and major aerospace employers such as Boeing, Lockheed Martin, and Northrop Grumman, which are all within a 15 minutes drive from the subject property.
Great opportunity to start to build your income portfolio CAP rate 7.4%, Property will be delivered with tenants, Great tenants always on time. the Right hand side units has been with a long term tenant that's why the rent is so low, the left side tenant is the newest over 1 yr and current market rent. Seller just did few renovations on the left side units a couple of leaks were fixed because of the rains begining of year and ceiling painted, out side the eves were fixed and painted. Seller might do 1031 exchange at not cost to buyer.
There is a great investment opportunity in Palmdale where these duplex units have been recently updated with tile flooring throughout, central air, central heat, and even have washer/dryer units. Additionally, these units are equipped with built-in microwaves and have undergone a plumbing upgrade to copper plumbing. The water heaters are brand new as well. There is a courtyard that is shared with duplex next to it. It is fenced, and gated for privacy and you can enjoy having a yard without the maintenance. Palmdale is a rapidly growing area, so it's important not to miss out on this opportunity. The units are conveniently located near the Metrolink, shopping centers, and parks are close by. The duplex next door is also available. The condition is exactly the same. Seller would like to sell the units together.
There is a great investment opportunity in Palmdale where these duplex units have been recently updated with tile flooring throughout, central air, central heat, and even have washer/dryer units. Additionally, these units are equipped with built-in microwaves and have undergone a plumbing upgrade to copper plumbing. The water heaters are brand new as well. There is a courtyard that is shared with duplex next to it. It is fenced, and gated for privacy and you can enjoy having a yard without the maintenance. Palmdale is a rapidly growing area, so it's important not to miss out on this opportunity. The units are conveniently located near the Metrolink, shopping centers, and parks are close by. The duplex next door is also available. The condition is exactly the same. Seller would like to sell the units together.
Great investment opportunity!! If you are looking for Long-Term Project potential for positive cash flow, then this is it!! The main home has a pool and basement. There are three single residences and two BONUS mobile homes. All units are occupied. Unit 38622, 15th E, is vacated. Parcel #3015-015-039 Duplex (2 units 38624 15th St E and 38624 1/2 15th St E) Both are currently rented. Parcel #3015-015-040 (One Unit 38622 15th St E ), estimated market rate rent is $2,450.00.
With a zoning of R3, the lot allows for the construction of up to 15 units, offering significant development potential. The property features three separate water, electric, and gas meters, providing individual utility setups for each unit. Each unit is thoughtfully designed, with the convenience of a private garage and a personal backyard. Parking is available on the street or in front of the units, ensuring accessibility for residents. The great curb appeal adds to the overall attractiveness of the property. Noteworthy improvements include a newer roof for two of the back units and the addition of new copper pipes in one of the back vacant units. The occupied back unit boasts a modern kitchen with a newer backsplash and includes a bar counter. The front unit, being larger in size, offers spacious living quarters. Furthermore, the conversion of the garage into an unpermitted third bedroom with a kitchen and bath in one of the units adds versatility to the property. The complex is well-maintained, reflecting the care and attention invested in its upkeep. Situated in a highly desirable area for commuters, the property's proximity to the freeway, train, and highway, as well as nearby shopping options, enhances its appeal. Overall, this triplex presents a promising investment opportunity with substantial upside potential. This triplex listing presents a lucrative opportunity for potential investors or buyers.
Courtesy: ARTHUR DRESCH REALTY
* INVESTOR'S SPECIAL * Turn-key, cash flow on day 1! Long-term tenant over 10+ years. 7% Capitalization. 25% ROI w/ 20% down. Newer built home in a quiet and serene community. This spacious 2280 sq. ft. home boasts 3 bedrooms and 3 bathrooms with a bonus/office/formal dining room. Tile kitchen countertops with spacious island. Central HVAC. Tile roof. Carpet and laminated wood floors. Laundry room Large back yard with firepit and bbq/grill gas hookup. Buyer to verify all info. Selling "as-is"
Courtesy: Your Home Real Estate, Inc.
Courtesy: eXp Realty of California Inc
Palmdale is located in California. Palmdale, California has a population of 157,358. Palmdale is more family-centric than the surrounding county with 39.47% of the households containing married families with children. The county average for households married with children is 32.35%.
The median household income in Palmdale, California is $56,699. The median household income for the surrounding county is $61,015 compared to the national median of $57,652. The median age of people living in Palmdale is 31.3 years.
The average high temperature in July is 97.5 degrees, with an average low temperature in January of 35.2 degrees. The average rainfall is approximately 15.5 inches per year, with 0.3 inches of snow per year.
